According to a leading price comparison site, the average UK mortgage holders might have to pay more for their mortgage repayment from this month onwards as the Bank of England might increase the mortgage base interest rate in their coming Monetary Policy Committee meet this week.

The Bank of England previously increased mortgage interest rate in January this year. The January interest rate rise adversely affected millions of mortgage holders in United Kingdom, states the price comparison site.

The comparison site suggests even the slightest increase in the mortgage secured loans base interest rate rise can push the UK mortgage holders to remortgage their properties, or take up additional loans like home improvement loans to repay their present mortgage loan.

Financial experts are expecting only a quarter percent rate increase instead of half a percent rate increase. Stephen Smith, the director of housing at Legal & General mortgage distributors said, “May is a fairly common month for changes in the base rate and there have been six increases in the past three decades. Given the need to slow the economy down, it looks like borrowers who have overstretched themselves are going to take a hit.”